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Ageas H1 2013 net profit increased by 17% to £49.1m

UK-based insurer Ageas has reported net profit of £49.1m for the first half of 2013, with an increase of 17.3% compared to £41.9m, during the comparable period earlier year.

For the first half of the current fiscal, ended on 30 June 2013, its overall combined ratio stood at 98.5%, mainly driven by a good performance in Household segment.

Its total income rose by 2.9% to £1.073bn compared to £1.04bn during the same period last fiscal.

Commenting on the financial result, Ageas UK chief executive Andy Watson said, "The positive trend in profit and overall improving performance in our combined ratio has continued to half year and underlines that Ageas remains in good shape."

Ageas Insurance posted a net profit of £34.1m, with an increase of 16.6% compared to £29.2m during the same period a year ago.

Groupama Insurances posted £7.1m in net profit to the overall half-year results, adding an array of expertise and complementary products for the company’s broker base.

Tesco Underwriting reported a net profit, after minority interests, of £1.7m, compared to £6.5m, which reflects the impact of reduced motor average premiums and adverse prior year claims development related to small bodily injury claims.

Offering non-life and life products, through four divisions, including Insurance, Life Protection, Retail and Tesco Underwriting, Ageas serves approximately 8 million policyholders through 6,000 employees in the UK.